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A lot of self-employed people are going to the wall and redundancies are widespread. Traditionally, self-employment is considered to be very risky but is it really?

A self-employed person earning £1000 per week can lose 50% of his business and still earn £500 per week. An employee whose employer loses 50% of its business is quite likely to lose all his income due to redundancy. (bar benefits)

I suppose that I am thinking mainly about service industies where self-employment overheads are relatively low but I wonder if the coming depression is going to favour the independent one man band over the traditional employee. It seems to me that it depends on how many clients the self-employed person has. A contractor with one client is very vulnerable.

Any views?

p-o-p

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I think that you're going to need to be a multi-skilled tradesperson, with a lot of informal contacts.

That's one of the key aspects of being self-employed I think - the social skills to be able to generate work esp. with cash-in-hand and bartering etc.

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I have been self employed as a freelance consultant in construction for 7 years - trust me, I wouldn't want to be employed at the moment. The axe is falling at most major construction companies. Ironically, I pick up work because clients do not want to employ staff.

Deffo better self employed. IMO.

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Ive been self-employed since I finished my apprenticeship, almost 20 years ago, once in that period I went paye , but I only lasted 10 months.

If you don't mind putting up with plenty of crap and you don't mind working really hard when the money and work is availiable, along with no job secuity, then being self employed is alot better imo.

And just to add, any one in the construction industry who never put money away, as well as paying down their mortgage etc, the chances of doing it in the near future are very slim, because the money as gone for many years to come imo even though there still some subbies out there earning good money, the majority aint.

Spark

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And just to add, any one in the construction industry who never put money away, as well as paying down their mortgage etc, the chances of doing it in the near future are very slim, because the money as gone for many years to come imo even though there still some subbies out there earning good money, the majority aint.

Spark

Agreed. Very tough times ahead for construction. 90's was bad - I lost my job. This is much, much worse.

This time I have an effing big pot of cash and a little mortgage.

And a tin hat.

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I'm self employed and it would take wild horses to drag me back to work for someone else now.

I do not like being owned :angry:

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Agreed. Very tough times ahead for construction. 90's was bad - I lost my job. This is much, much worse.

This time I have an effing big pot of cash and a little mortgage.

Some younger wokers I know, thought it was the norm to earn £800+ per week :unsure: I was always telling them to stash the money and pay their debts and mortgages down, did they? nope, spend spend, expensive motors, holidays, nights out, big TVs, designer cloths. I want now and will have it now culture :rolleyes:

This Government has help set a very selfish and greedy precedent, but the question is, can they keep it going? if they don't people are going to very feel hard done by and basically conned, if and when they have to give up their lives of fantasy :rolleyes:

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A lot of self-employed people are going to the wall and redundancies are widespread. Traditionally, self-employment is considered to be very risky but is it really?

A self-employed person earning £1000 per week can lose 50% of his business and still earn £500 per week. An employee whose employer loses 50% of its business is quite likely to lose all his income due to redundancy. (bar benefits)

I suppose that I am thinking mainly about service industies where self-employment overheads are relatively low but I wonder if the coming depression is going to favour the independent one man band over the traditional employee. It seems to me that it depends on how many clients the self-employed person has. A contractor with one client is very vulnerable.

Any views?

p-o-p

What if you earn £500 per week (on a good week), then lose half your income (or more) ?

Try working directly for J. Public, he ain`t spendin` at the moment.

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What if you earn £500 per week (on a good week), then lose half your income (or more) ? It's a shit week. Next week could be better. The recently made redundant is competing with many others with similar CVs for jobs that aren't there.

Try working directly for J. Public, he ain`t spendin` at the moment. True. Times is 'ard but for anyone over 45 used to employment, there must be a realistic and unpleasant possibility that they will never work again.

My original post was more about surviving the depression and being able to get to the other end intact and earning. Self-employment looks to be a better bet for the middle aged as far as I can see.

p-o-p

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The way I see this is the difference between being on an ocean liner and a raft. Most of the time the liner is a safer, more comfortable option, that just crashes through the waves regardless, while the raft rises and falls with the waves and feels a lot less secure.

But if a really big wave comes along, big enough to swamp the liner, then all aboard are going down, while the raft may yet survive, as it adapts to even that wave, as it does all the others.

Many of the people I know have looked down from the railings of their chosen ship and found my raft rather amusing, I suspect- but these days I'm kind of glad I didn't buy that ticket on the big boat- I have hopes to be still bobbing along into the future, as those big ships slide slowly beneath the waves.

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The way I see this is the difference between being on an ocean liner and a raft. Most of the time the liner is a safer, more comfortable option, that just crashes through the waves regardless, while the raft rises and falls with the waves and feels a lot less secure.

But if a really big wave comes along, big enough to swamp the liner, then all aboard are going down, while the raft may yet survive, as it adapts to even that wave, as it does all the others.

Many of the people I know have looked down from the railings of their chosen ship and found my raft rather amusing, I suspect- but these days I'm kind of glad I didn't buy that ticket on the big boat- I have hopes to be still bobbing along into the future, as those big ships slide slowly beneath the waves.

Can I borrow that?

p-o-p

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A lot of self-employed people are going to the wall and redundancies are widespread. Traditionally, self-employment is considered to be very risky but is it really?

A self-employed person earning £1000 per week can lose 50% of his business and still earn £500 per week. An employee whose employer loses 50% of its business is quite likely to lose all his income due to redundancy. (bar benefits)

I suppose that I am thinking mainly about service industies where self-employment overheads are relatively low but I wonder if the coming depression is going to favour the independent one man band over the traditional employee. It seems to me that it depends on how many clients the self-employed person has. A contractor with one client is very vulnerable.

I think that you're going to need to be a multi-skilled tradesperson, with a lot of informal contacts.

That's one of the key aspects of being self-employed I think - the social skills to be able to generate work esp. with cash-in-hand and bartering etc.

First 2 posts nailed it IMO. Keep the overheads low and in down time work on diversifying. Take full advantage of the internet for advertising, learn how to make your own websites (couple of weeks steep learning curve to be able to make decent HTML website, lots of tutorials online, really DO NOT use Getty etc images, take your own) If you have a van create different companies that use it and make a website for each, diversify while looking like a specialist in each for about £40 a year per company for domain and decent hosting.

We shouldn't dismiss bartering at all as even if we get paid in something we don't need we might be able to trade it on for something we do, lowering the demands on our cash reserves. And of course it's tax free.

We really are heading for much worse i'm feeling sure of it but things will be getting cheaper in a lot of ways too and the smart will come out on top.

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First 2 posts nailed it IMO. Keep the overheads low and in down time work on diversifying. Take full advantage of the internet for advertising, learn how to make your own websites (couple of weeks steep learning curve to be able to make decent HTML website, lots of tutorials online, really DO NOT use Getty etc images, take your own) If you have a van create different companies that use it and make a website for each, diversify while looking like a specialist in each for about £40 a year per company for domain and decent hosting.

We shouldn't dismiss bartering at all as even if we get paid in something we don't need we might be able to trade it on for something we do, lowering the demands on our cash reserves. And of course it's tax free.

We really are heading for much worse i'm feeling sure of it but things will be getting cheaper in a lot of ways too and the smart will come out on top.

err... it's not meant to be :unsure:

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Self employed (comms equipment hire) is busier than ever for me this year, recession or not.

Better to have lots of small customers than to rely on 2 or 3 big ones.

If you can, depends on the line of work.

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err... it's not meant to be :unsure:

Would look a bit odd on the tax return - 2 chickens and 50kg horse manure. I'll send darling some chicken guts and horse shit if you like but that'll just be a personal gesture.

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The way I see this is the difference between being on an ocean liner and a raft. Most of the time the liner is a safer, more comfortable option, that just crashes through the waves regardless, while the raft rises and falls with the waves and feels a lot less secure.

But if a really big wave comes along, big enough to swamp the liner, then all aboard are going down, while the raft may yet survive, as it adapts to even that wave, as it does all the others.

Many of the people I know have looked down from the railings of their chosen ship and found my raft rather amusing, I suspect- but these days I'm kind of glad I didn't buy that ticket on the big boat- I have hopes to be still bobbing along into the future, as those big ships slide slowly beneath the waves.

Great analogy!

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As a restaurateur with a business totally dependant on the discretionary spend of the general public I feel incredibly vulnerable at the moment. Hence I am selling the restaurant as we speak.

I also have a young family and am tempted by a few years of 9 to 5 employee-dom right now while the global economy worksout which is its **** and which is its elbow!

My next step will be a retail / internet wine business where the fixed overheads are dramatically lower than what I do now, so if it is not plain sailing I can do it all myself. I need to decide soon whether I do this soon, in a year, or get the hell out of the UK!!!! :ph34r:

Edited by Hip to be bear

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